Introduction: Secrets of corporate longevity -- A new industry takes shape -- Rayon in retreat, and Courtaulds' narrow escape -- Frank Kearton's grand design -- Courtaulds on the rack -- Searching for new directions -- A necessary separation -- The last days of Courtaulds -- Courtaulds Textiles : independence won and lost -- What the new owners did -- Hopes unfulfilled : carbon fibre and Tencel -- Adjustment to decline : departures and arrivals -- Life beyond fibres : focus versus diversification -- Conclusion: Firm survival and national institutions -- Appendix 1: Principal man-made fibres -- Appendix 2: Principal textile processes -- Appendix 3: Cellulosic fibre processes -- Appendix 4: Growth of the man-made fibres industry 1900-2008 -- Financial data on Courtaulds 1958-1998 -- Financial data on Courtaulds Textiles 1990-2000.